Russia’s Ministry of Natural Resources and Environment has estimated the market value of the country’s oil reserves at 74.5 trillion rubles ($1.2 trillion), which is nearly double the amount of last year’s valuation.
According to the ministry’s data, the market value of the oil reserves increased by 88 percent over the past year.
The combined value of hydrocarbons, gold, diamonds, copper, and iron ore has also been re-evaluated and now stands at an estimated 93.4 trillion rubles ($1.5 trillion). The increase in newly discovered oil reserves in volume terms was not so impressive. It rose by 8.7 percent, from 9.04 billion to 9.83 billion tons. Also, the value of oil reserves reached some 71.7 percent of Russia’s GDP in 2018.
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